It may pay to take note of the fact that Pharmacyte Biotech Inc (OTCMKTS:PMCB) just recently announced that the COVID-19 Molecular tests it has licensed from Hai Kang Life Corporation Limited (Hai Kang) have received the CE mark. The CE mark was given to the RT-PCR and ERT-PCR tests.
According to the release, the Declaration of Conformity for the COVID-19 tests confirms that the tests meet the Essential Requirements of the European Community’s In-Vitro Diagnostic Medical Device Directive (IVDD 98/79/EC), permitting export and sales of the product as an IVD in the European Union member countries.
Pharmacyte Biotech Inc (OTCMKTS:PMCB) trumpets itself as a clinical stage biotechnology company that focuses on developing and commercializing cellular therapies for cancer and diabetes in the United States.
Its cellular therapies are developed based on Cell-in-a-Box, a proprietary cellulose-based live cell encapsulation technology used as a platform to treat various types of cancer, including advanced and inoperable non-metastatic pancreatic cancer, as well as diabetes.
The company is developing therapies for pancreatic and other solid cancerous tumors involving the encapsulation of live cells placed in the body to enable the activation of cancer-killing drugs to the source of the cancer. It is also developing a therapy for Type 1 diabetes and insulin-dependent Type 2 diabetes; and therapies for cancer based on the constituents of the cannabis plant.
PharmaCyte Biotech, Inc. has a research agreement with the University of Technology, Sydney to create a version of melligen cells to treat diabetes; and a research agreement with the University of Northern Colorado to develop methods for the identification, separation, and quantification of constituents of cannabis.
The company was formerly known as Nuvilex, Inc. and changed its name to PharmaCyte Biotech, Inc. in January 2015. PharmaCyte Biotech, Inc. was founded in 1996 and is based in Laguna Hills, California.
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As noted above, PMCB just announced that the COVID-19 Molecular tests it has licensed from Hai Kang Life Corporation Limited (Hai Kang) have received the CE mark. The CE mark was given to the RT-PCR and ERT-PCR tests.
The stock has suffered a bit of late, with shares of PMCB taking a hit in recent action, down about -17% over the past week. Moreover, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 250% over the long run average.
The Chief Executive Officer of PharmaCyte Biotech, Kenneth L. Waggoner, stated, “The CE mark will now allow the tests to be marketed in the European Union. We are also working with Hai Kang to update our EUA submission with the Pool Testing Protocol released by the FDA in early June.”
Now commanding a market cap of $25.5M, PMCB has a bankroll ($142K) of cash on the books, which compares with about $1M in total current liabilities. One should also note that debt has been growing over recent quarters. The company is pre-revenue at this point. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $PMCB stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $PMCB, either long or short, and we have not been compensated for this article.